happy to have gary parr. yesterday we talked to prepare for this interview.est to come instead we found out about them. give me your take what we learned late yesterday. >> you've been covering it well this morning. i think the important part is the u.s. fed has credibility. any time you tried to analyze a big bank from the outside or inside, it's complicated. to simplify it down to one or two ratios can be misleading. you have to have credibility. my view is the good news is they're credible. they came out affirmative, a difficult stress, but most importantly saying it looks okay. that puts the u.s. ahead of where europe is. >> europe had its own stress test. >> they did not establish credibility. our crisis was three years before theirs, arguably, so they've still got time to catch up. >> they could have looked at our stress test and done a real job. we talked this morning about these stress tests in terms of capital for obvious reasons. we talked to gerard cassidy about return on equity or multiple to book in this new book. dino kos preceded you. should ou